Strategy

NEW YORK — Martha Stewart Living Omnimedia decided to end the publication of two print titles and exit live television programming following lower revenues in publishing and broadcasting, which caused total revenues to decrease 13.5% to $42.2 million in the second quarter ended June 30, from $47.9 million in the same quarter last year. 

Weak second-quarter financial results from Office Depot offered the latest evidence of the strategic rationale underpinning the company’s pending merger with longtime rival OfficeMax.

Office Depot said sales in the second quarter ended June 29 declined 4% to roughly $2.4 billion and it posted a net loss of $64 million, or 23 cents a share, equal to a loss reported in the second quarter the prior year.

Boca Raton, Fla. -- Office Depot reported a net loss, as well as declining total sales and same-store sales, during a disappointing second quarter of fiscal 2013. The retailer’s net loss of $64 million was the same net loss it reported in the second quarter of fiscal 2012. Excluding pre-tax charges, including some relating to the planned OfficeMax merger, and non-cash store asset impairment charges, the net loss would have been $28 million.

Seattle -- Nordstrom said it plans to open a Nordstrom Rack at 505 Fulton Street in Brooklyn, N.Y. The approximately 41,000-sq.-ft. store is scheduled to open in spring 2014.  The developer for the project is United American Land LLC.

The store will feature a unique design that will blend the architecture of the site — the landmark Offerman building — with the contemporary style of an adjacent, newly built structure. The single-level store will occupy the second floor retail space.

Englewood, Colo. -- Sports Authority has named Stephen Binkley, formerly senior VP of merchandising and softlines, as its new chief merchandising officer. He replaces Greg Waters, formerly executive VP, chief merchant and chief marketing officer, who has decided to leave the company after 24 years to pursue personal interests.

During his tenure at Sports Authority, Waters held several leadership roles.

SAN DIEGO, Calif. — The Shareholders Foundation has announced that an investor who currently holds Maidenform shares filed a lawsuit to halt the proposed takeover of Leap Wireless International by HanesBrands for $23.50 per share.

Investors who purchased shares of Maidenform Brands prior to July 24, 2013 and still hold them are being asked to contact the Shareholders Foundation at [email protected] or 858-779-1554.

PITTSBURGH — GNC Holdings has named Carmine Fortino as EVP, business development. Fortino has extensive experience in the natural products industry and was also a former director of General Nutrition Centers, Inc. from 2007-2011.

"Carmine is a great addition to the GNC senior management team. His background in multichannel development across the health and wellness segment will enhance our approach to new market opportunities as we continue to implement GNC's proven growth strategy," said Joseph Fortunato, GNC's chairman, president and CEO.

NEW YORK — Hudson’s Bay Company has reached a deal to buy Saks Inc. The Canadian retail conglomerate, which operates Lord & Taylor in the United States and Hudson Bay in Canada, will purchase Saks and its 41 stores for a total of about $2.9 billion. Purchase price includes $16 per share of Saks as well as the assumption of Saks’ debt.